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36 Marks and Spencer Gro up p.l.c.
Notes to the financial statements
10. Employees continued
Outstanding options granted under the United Kingdom Employees’ Save As You Earn Share Option Scheme are as follows:
Number of shares Option
Options granted 2003 2002 price
January 1995 Expired 1,564,963 322p
January 1996 1,180,359 2,240,437 330p
January 1997 1,564,432 3,542,787 389p
January 1998 1,607,993 3,234,005 467p
January 1999 4,262,582 6,350,030 324p
January 2000 13,540,426 20,736,825 223p
January 2001 26,601,132 29,106,220 156p
January 2002 10,462,668 11,706,883 250p
January 2003 11,809,605 – 283p
F Executive Share Option Schemes
Under the terms of the current Scheme, approved by shareholders in 2000, the Board may offer options to purchase ordinary
shares in the Company to executive directors and senior employees at the market price on a date to be determined prior to
the date of the offer. No further options may be granted under the 1984, 1987 and 1997 Schemes. Outstanding options
under each of the 1984 and 1987 Schemes continue to be bound by the Maximum Option Value which is limited to four
times remuneration on exercise (further details are set out in the Remuneration Report on page 14). Outstanding options
granted under all executive share option schemes are as follows:
Number of shares Option
Options granted 2003 2002 price Option dates
(1984 Scheme)
May 1993 725,149 995,806 341p May 1996 – May 2003
October 1993 19,576 19,576 399p Oct 1996 – Oct 2003
May 1994 1,174,865 1,440,145 404p May 1997 – May 2004
October 1994 21,541 21,541 402p Oct 1997 – Oct 2004
May 1995 1,139,414 1,275,778 414p May 1998 – May 2005
May 1996 45,850 45,850 458p May 1999 – May 2006
November 1996 6,172 6,172 486p Nov 1999 – Nov 2006
June 1997 17,076 28,460 527p June 2000 – June 2007
(1987 Scheme)
May 1996 1,097,040 1,248,170 458p May 1999 – May 2003
November 1996 14,546 14,546 486p Nov 1999 – Nov 2003
June 1997 1,323,650 1,509,228 527p June 2000 – June 2004
(1997 Scheme – Tier 1)
June 1998 273,683 309,093 557p June 2001 – June 2008
November 1998 247,221 247,221 404p Nov 2001 – Nov 2008
June 1999 562,374 681,181 358p June 2002 – June 2009
November 1999 59,352 95,323 278p Nov 2002 – Nov 2009
January 2000 360,655 360,655 305p Jan 2003 – Jan 2010
March 2000 1,992,337 1,992,337 261p Mar 2003 – Mar 2010
June 2000 11,538 184,615 260p June 2003 – June 2010
(1997 Scheme – Tier 2)
June 1998 1,409,816 1,738,920 557p June 2003 – June 2008
November 1998 99,261 99,261 404p Nov 2003 – Nov 2008
June 1999 1,067,713 1,280,047 358p June 2004 – June 2009
November 1999 59,352 59,352 278p Nov 2004 – Nov 2009
January 2000 360,655 360,655 305p Jan 2005 – Jan 2010
March 2000 1,992,337 1,992,337 261p Mar 2005 – Mar 2010
June 2000 –184,615 260p June 2005 – June 2010
(2000 Scheme +3%)
September 2000 2,493,207 3,191,827 215p Sept 2003 – Sept 2010
December 2000 574,358 574,358 195p Dec 2003 – Dec 2010
March 2001 270,641 270,641 218p Mar 2004 – Mar 2011
June 2001 6,059,643 6,490,703 256p June 2004 – June 2011
July 2001 168,674 168,674 249p July 2004 – July 2011
December 2001 1,263,166 1,286,778 350p Dec 2004 – Dec 2011